We show that if policymakers compute the optimal unconstrained interest-rate rule within a Taylor-type class, they may be led to rules that generate indeterminacy and/or instability under learning. This problem is compounded by uncertainty about structural parameters since an optimal rule that is determinate and stable under learning for one calibration may be indeterminate or unstable under le...

The stability properties of a macromodel are determined by its characteristic roots. Conventional price level determinacy is achieved by imposing restrictions on policy rules so that the characteristic roots satisfy a saddlepath criterion. This paper shows how to choose arbitrary roots for the canonical New Keynesian macromodel using a simple forward-looking Taylor-type policy rule. We are able...

When real balances have even a very small productive role, contemporaneous and forwardlooking Taylor-Wicksell rules can induce ubiquitous multiplicities of equilibria and lead to consequences that are unintended by policymakers. This raises the issue of whether it is possible to anchor and stabilize the economy through backward-looking rules. We show that the standard uniqueness results that ar...

• This paper studies whether financial market stability is included in central bank mandates. Financial matters to monetary policy makers for both the ECB and BOE. Ex-post forward-looking Taylor (1993) Rule are adopted. A Tri-mandate explains nominal interest rates path. Our framework particularly good-fit aftermath of crisis. investigates markets setting case European Central Bank England. We ...

This paper examines whether the individual economic projections made by Federal Open Market Committee’s (FOMC) policymakers are consistent with macroeconomic theories: Okun’s law, Phillips curve, and Taylor rule. By analyzing FOMC’s between 2007 2014, I find that they revealing a significantly negative relationship unemployment output growth projections. On other hand, inflation associated curv...

rayleigh-taylor (rt) instability has a growing importance in many fields including aircraft industry and astrophysics. the development and the growth of rt instability were investigated using sinusoidal disturbances with different wavelength at the interface of two fluids. numerical simulations were performed by solving navier-stokes unsteady equations with the vof formulation. results of the 2...

In this study, a Taylor method is developed for numerically solving the high-order most general nonlinear Fredholm integro-differential-difference equations in terms of Taylor expansions. The method is based on transferring the equation and conditions into the matrix equations which leads to solve a system of nonlinear algebraic equations with the unknown Taylor coefficients. Also, we test the ...

In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier's archiving and manuscript policies are encouraged to visit: JEL classification: E32 E52 E62 E63 Keywords: Optimal simple policy rules Timeless perspective optimal policy Monetary polic...